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Major US Financials Cracking: CDS Rerack
As financial equities are underperforming so we are also seeing the major US banks widening in CDS land - closer and closer to record wides in the case of BofA and GS. Their credit curves are also inverting further as equity catches up to recent weakness.
BofA is almost at record wides from early October 2011 - well ahead of 2008/9. GS also looks close to recent peaks though still below previous peaks for now. Goldman is 160bps wider since the start of November!
JPM +6 to 179bps
BofA +17 to 456bps
GS +14 to 410bps
MS +10 to 516bps
WFC +3 to 175bps
C +13 to 315bps
Charts: Bloomberg
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They're all hedged, it's cool.
MS especially. Also JPM is fine... bought CDS on itself just like GS.
LOL! Hedged with what? Greek CDS?
Hedged with Collateralized Bernanke Beard Trimmings I believe.
Bought CDS on themselves!!!ROFL!!!....brilliant, now they cannot even go bankrutpt without collecting a windfall to pay the last goodbye bonuses.
The truth -- that they bought CDS on each other from each other -- is only slightly less ridiculous.
No way my good man, no way. They are hedged with Italian bonds which they insured with Spanish bonds which are backed by Harrisburg Pennsylvania municipality bonds with CDS. Everything is safe and secure.
To bad they were hedged through MF Global.
8-ball, corner pocket.
hedged? it always is until default.
http://expose2.wordpress.com
But Dr. Bernanke just order more stress tests. If we can't rely on the therapeutic value of diagnostics, then what can we rely on?
Mark-to-hallucination?
Unfortunately, this shit is all to real. Mark it zero, Dude.
Mark-to-Masturbation. It's all a big circle jerk after all..
The cleansing power of a full system reset?
Just lie on your left side, Uncle Sam.
Elbows on the table, Mr. Dimon...
"Moooon Riiiiiiveeeeeeeer"
Both barrels!
Ice water?!? Cold in more ways than one...
The Euro Zone’s Self-Inflicted Killer
http://blogs.reuters.com/bethany-mclean/2011/11/18/the-euro-zones-self-i...
Thanks for the link!
They are passing the FED stress test with flying colors.
Just look at their high scores in the above charts!
If they blow up they make money.
Is it incest if these guys all underwrite each others CDS's?
No one expects to get paid on these things in the imaginary event of default, right?
Maaaaaa! Meatloaf and beer! Now! It's party time!
It's beginning to look a lot like 2008, everywhere I go...
14:30 weds pre thanks giving. we just hit my taget reentry point using speed lines
my taget reentry point
A bit too Bawnie Fwank-ish sounding. Just sayin'...
Eat my shorts, a-hole.
No bailout. Nationalize them for two years, then break them up into a half a dozen not TBTF banks.
I don't believe the volume, to me it feels like shorts pressing.... So...in my humble opinion ....I nice buying opportunity.. market feels washed out.....just bot 10000 C
Feelings, nothing more than feelings,
Trying to forget my feelings of Bove.
Teardrops rolling down on my face,
Trying to forget my feelings of Bove.
Feelings, for all my life I'll feel it.
I wish I've never met you, Dick; I'll never be long again.
http://www.cnbc.com/id/42937720/Citigroup_Can_Triple_by_2013_Dick_Bove
Now now boys....life is a gamble.... I hope to reap some rewards....Just my thoughts.... and my money....
It does feel like one of those inflection points.. would prefer to see C dip below the recent low intraday, then close higher while its RSI is all coiled up bullishly. Also I noticed TLT is not being supported by RSI up here and suggests it's time to head lower.
Axe & sb,
I commend your brave risk taking. I also commend your admitting it here on ZH. You're both brave. Or deranged. Best of luck.
May 6, 2011 when BAC at $12.31
Down -53% to date to $5.18 Missed it by that much.
'just bot 10000 C'
I hope you're joking or you don't know what you're saying... for your sake.
http://imageshack.us/photo/my-images/834/dolphins.jpg/
Die goldman, DIE MOTHERFUCKING DIE.
Can you think of anything we can do to help implode GS and JPM? I'm in.
A-FUCKING-MEN!!!!!!!!!!!!!!!!!!!!
The Squid is sick, should we take it to a vet?
Deep fryer methinks.
I like to imagine Chief Brody tossing Goldman chum off the back of the Orca. :D
Omitted by author
TBTF is now ready to die.
This just in from Dicked Bove:
You people are morons; buy B of A.
And yet, no climax panic-selling in the equities of TBTF. Just a slow, steady erosion.
Major awareness gap. You've got CNBC reporting that Gold is tracking equities (guess they missed that one's up 20% for 2011 and the other is flat to down). Truth and information still separated by a huge chasm.
Probably explains this sad bit of news:
http://www.nypost.com/p/pagesix/cash_crunch_at_cnbc_dqoRJ3vCLMAD6BPUVQqEYJ
$0.14 left to spare for BAC oh me oh my
BAC loosing its 5 handle soon?
http://www.finviz.com/quote.ashx?t=BAC&ty=c&ta=1&p=d&b=1
I'm guessing Brian Moynihan just shart himself.
how's that Uncle Warren trade working out? and where is he on the Goldman bail out of '08? GE, Harley D?
This is going to give US banks record profits as they profit hand-over-fist from the crashing market values of their debt!
So who wants to own bank stock over this weekend...or Insurance stock...or a Greek bond over this weekend....???? not me...I gots me gold matey...eh barros o Rum
CDS are like herrpies ...They Flair up under stress .
15 more pennies and BAC has a four handle. Time for a revese split.
Why would anyone with 1/2 a brain and an IQ over 50 ever invest in a broken bank. You have no idea what is on or off their books, they change the numbers at will and the model is completely broken.
You want to take a bet, go to Las Vegas, the 6 block strip is lit up and the girls are pretty. Just do not go much outside the strip, we are in a depression here.
poor 'mr. macau's, s.wynn, and s. adelson
Living in the middle of a desert with extremely vulnerable power, water and food infrastructure is not where I'd choose to be when TSTF.
Brave.
Use of Weapons
Lake Mead,animals,birds,and I would far rather be there than in Dallas,SF,NYC,etc,etc,where the animals will be two legged
You know it's coming stock up, and pile it on.
Many places to hide, and cache supplies, and weapons.
TBT to lifetime low? wow.
Ah, but don't worry. These banks/financials are backed by the full faith and credit of the American tax payer.
Just bought 100,000 shares of BAC at $5.14.
Balls of steel going into the holiday, good luck to you sir.
somehow I doubt if you have $500k to lose you're spending time on ZH.
Next time buy MF Global.....
uup target also hit at target 22.30 (based on weekly ascending triangle. )
Oh please! I saw Dickless Bove on Kudblow last night and he said BOFA is fine, great, well capitalized even if the common goes to zero.
Was that f'in chump Oy-vey Bove' really on Kudlow last night? (I don't get CNBC here.) F-me, man, that chump just won't go away. But then again, he's probably a great contrarian play.
I'm sure they have a hard time getting real guests anymore. especially a week like this...and I'm sure BofA pays him a retainer. Remember CNBC was a creditor of MF Global. all for one and one for all.
Funny stuff
http://www.zerohedge.com/article/afternoon-humor-dick-boves-histoerical-...
WHERE IS THIS ASSHOLE CALLED BOVE AND HIS BUY RECOMMENDATION ON US BANKS..ALL THESE US BANKS ARE GOING BUST MAN...GET THE PARTY STARTED!!!!!!!!!
USD selling pressure continues and the prospect of an equity xmas rally and EURUSD bullish spike returns.
http://stockmarket618.wordpress.com